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Facts & Figures in Auto Insurance – New York

Recent statistics, taken in 2009, indicates that the average annual auto insurance premium for residents in New York is $2,443; which is over $600 more than the national average. Even within New York state, that auto insurance rates are constantly changing, so why wait for increasing premiums, now is the perfect time to shop for the new low rates offered by top insurance carriers in New York. Financial One makes it easy, by requesting an online quote with us, you can instantly compare hundreds of quotes saving your hundreds of dollars instantly.

The Risks of Being Uninsured in New York

You will not find mercy on those who choose to avert the rules. If you do not insure a vehicle registered to you, you may not operate that vehicle. If you choose to do so and you get caught, you will risk having your license suspended until you are able to comply with the law regarding NY's insurance requirements, as well as pay any additional fines.

The great financial risk of not having New York auto insurance can be much more substantial. The aggregate cost of property damages, injuries, and court settlements against you– if you are at fault and are subsequently sued, is clearly not worth the risk.

Buying Auto Insurance in NY

It is good to provide coverage for yourself and your vehicle, but it is not finished there, some people wish to do it properly. Once you know the -ins and -outs of what auto insurance entails and how it provides coverage, you will be able to make a knowledgeable decision about which options to choose and how much you should purchase.

* First: Do Your Homework

Do you know which one is the best policy in your prevailing situation? Do you know what types of coverage are available? What amount of insurance you need? Which auto insurance companies operate in your local area? In answer, our site offers many articles on auto insurance that can help you for a better understanding of how to research these things and what to look for when purchasing auto insurance.

* Choose a Company You are Comfortable With:

You can use any criteria when choosing a reliable auto insurance coverage: the company with the best price, the company that treats you the best, or you could decide to choose the insurer your family or friends use out of convenience. Keep in mind though that every persons situation is differnjust because one person has a great or poor experience with a company does not mean that another person will have the same experience as every thing changes time-to-time and person to person.

* Factors Impact Your Auto Insurance Premium

+ Age

One of the most factors that will affect your insurance premium is your age. Once drivers reach the age of 25, and have had minimum or no citations or accidents, they are generally re-considered for a drastic decrease in their insurance premium. There are a varying number of different age classifications, within which premiums generally tend to decrease as a person matures and have had no significant claims or points on their license . When an Insurance company can determine you are a safer driver, they will begin to offer lower premiums, however remember age will not be an impacting factor if you are a reckless driver and have acquired points on your license.

+ Driving Record

Your driving record is one of the crucial steps in determining your premium and your insurability. Most companies charge substantially more to insure drivers with a history of traffic violation convictions or chargeable accidents than those who have relatively clean records.

Premium surcharges due to accidents or convictions are govern by the Insurance Law and regulations, which allow surcharges to be applied during the experience period (typically three years) for specified incidents, some of which are:

# Accidents involving bodily injury or death, or losses to property in excess of $1,000, where the insured driver is at fault; or
# convictions for certain violations, including the following illustrations
o Driving while intoxicated or impaired by alcohol or drugs;
o Speeding more than 15 MPH over the legal limit;
o operating a vehicle while attempting to avoid apprehension by a law enforcement officer;
o leaving the scene of an accident without reporting it;
o operating a vehicle in a race or speed test;
o driving without a license or knowingly permitting an unlicensed person to drive your vehicle; or
o filling a false insurance claim.

Please note that surcharges only apply to the premiums for liability, No-Fault, and collision coverage.

+ Credit Information

Over the past several years, insurers have also used consumer credit information, along with other information to decide whether to issue you a private passenger auto policy and how to price it.

+ No-Fault Auto Insurance

New York State also requires all Autos have insured with no-fault insurance.

No-fault insurance does not offer compensation for pain and suffering, mental anguish, loss of enjoyment of life, or wrongful death. In order to recover compensation for these non-economic losses, one must have the above-mentioned threshold for serious injury.

However, no-fault benefits provide comprehensive benefits up to $50,000 for expenses that result from an injury, including:

+ Medical expenses:

Medical providers must file claims for doctors’ bills, therapy expenses, and other medical expenses within 45 days of the date of service. When asked for your insurance card, you have to provide your no-fault insurance information, not your health insurance information instead. If the medical expenses exceed the amount paid by no-fault insurance, you will not have expected to pay the difference.

+ Lost Income:

You must file claims for lost wages within 90 days of the motor vehicle accident that caused your injury. Wage loss compensation is income that will not exceed 80% of your total lost earnings. The maximum compensation for lost wages is currently $2,000 per month for not more than 3 years from the date of the accident.

+ Other Reasonable and Necessary Expenses:

Other expenses may be pay up to $25 per day for not more than one year.

New York Auto Insurance Coverage

Only you can decide what auto insurance coverage are right for you in New York. However, the chart below provides a possible starting point for understanding the New York-required and most common Auto insurance coverage.